2023 ANNUAL REPORT
F i n a n c i a l H i g h l i g h t s
38.9 50.8 67.5 37.5 26.4
2.18 2.47 2.83 3.03 2.52
115.75 137.02 165.52 179.74 188.50
2.40
2.08
1.77
1.58
19 20 21 22 23
19 20 21 22 23
19 20 21 22 23
Net Income
($ in millions)
Dividends Declared*
($ per share)
Book Value
($ per share)
2,590 2,857 3,431 4,194 4,484
1,821 2,139 2,393 2,505 2,350
2,227 2,495 2,999 3,658 3,914
19 20 21 22 23
19 20 21 22 23
19 20 21 22 23
Assets
($ in millions)
Deposits
($ in millions)
Loans, net
($ in millions)
*Dividends Declared: Dividends declared chart includes the total regular dividends declared (dark shading) and the total dividends declared
including any special dividends (light shading).
F r o m t h e C h a i r m a n a n d t h e P r e s i d e n t
To Our Business Partners:
Although we strive for them, not every year will be an outstanding one. Over a long time horizon, we
expect financial results will be excellent in most years, average in some, and challenging in a few. We
noted last year in this letter that 2023 would be a challenging year. It was.
We earned $26.4 million for our owners in 2023, a reflection of significant net interest margin compression
over the course of the year, owing to our liability sensitive balance sheet and the quick, deep and long
yield curve inversion. Our return on average equity of 6.57% and return on average assets of 0.63% were
well below our long-term performance and our expectations. Continued strong returns in our investment
operations sustained us during a period when core returns were not satisfactory. Net loans increased
by 7% to $3.914 billion. Retail and commercial deposits, excluding our wholesale deposits, fell by 2% to
$1.861 billion. Book value per share rose 5% in 2023 from $179.74 to $188.50 per share. This excludes
capital returned to the owners through regular dividends - we declared $2.52 in dividends per share in
2023. The trailing five year compound annual growth rate in book value per share, an important measure
of long-term value creation, was 13.6%. In 2023, the efficiency ratio was 57.18% and operating expenses
as a percentage of average assets fell to 0.67%. This structural operating leverage allowed us to navigate
the adverse interest rate environment in 2023 and will benefit us when we emerge from the current period
of net interest margin compression.
As noted last year, our business generates returns for our owners through the efficient transformation of
maturity, using deposits and borrowings to fund a loan portfolio composed primarily of real estate loans
secured by multifamily properties. During normal economic conditions, the yield curve - a graphical
representation of interest rates on debt for a range of maturities - has a positive slope and we benefit from
turning short-term deposits and borrowings into somewhat longer term mortgages. From time to time, for
reasons beyond the scope of this letter, the yield curve “inverts” and short-term interest rates are higher
than long-term interest rates. We are currently in the midst of a significant inversion - the fastest, deepest
and the longest inversion since the late 1970s - and arguably the longest inversion on record. Yield curve
inversions will occur and although they are difficult for our liability sensitive model, they are also ultimately
temporary and they do not cause us to question our approach.
Our balance sheet continues to reprice and we have started to see the benefit of anticipated lower funding
rates - particularly through some of our wholesale funding vehicles - while we gradually benefit from higher
rates on new loans. We continue to see demand from well-capitalized customers with strong balance
sheets, looking to make long-term investments in core multifamily properties. The pace of this transition
has been slower than we would like and the Bank’s performance with respect to retail and commercial
deposit growth in 2023 was not consistent with the Bank’s historical performance.
Having noted the above, the current outlook for short and intermediate term rates is promising and we
are cautiously optimistic. Although we have employed certain strategies to reduce our risk in the event
of additional increases in short-term rates, we see this as a low-probability scenario and we remain
overwhelmingly liability sensitive.
We emphasized last year that the most dangerous response to short-term challenges is to make changes
that have long-term consequences. We will not add incremental risk, either in our lending or investment
operations, and we will continue to make the appropriate investments to support our long-term objectives
outlined below. We have a disciplined underwriting culture - with zero non-performing commercial loans,
zero classified or criticized commercial loans, and zero losses on commercial lending for over ten years at
2023 year end. We have always placed credit risk at the center of our approach. Given the turbulence in
the commercial real estate markets, we believe this emphasis continues to be well-placed.
Whether extraordinary or disappointing, we can never lose sight of the fact that results in any given
year do not fully describe the real accomplishments and progress at Hingham. Our long-term objective
is to generate superior returns on equity capital through a disciplined strategy combining a commercial
real estate lending business with a relationship-focused deposit business serving families, nonprofits,
real estate investors, and institutions. We build these businesses slowly - one employee at a time, one
relationship at a time, one loan at a time - brick by brick. There are no shortcuts.
Let’s review the bricks from 2023.
Our commercial real estate business grew modestly last year, with growth concentrated in our Boston and
Washington, D.C. markets. Despite widespread uncertainty regarding the potential of gateway cities, we
remain confident that the most attractive markets for our business are dense, coastal cities with favorable
demographics and concentrations of multifamily real estate. The demand drivers in these markets,
combined with the supply constraints stemming from geography and regulation, support consistent asset
performance over time.
In 2023, we completed our seventh full year of operations in Washington, D.C., with a high-quality
loan portfolio now exceeding $1.2 billion. This was paired with strong growth in our deposit business
after the FDIC approved our branch application for our Georgetown office in June. This office has the
lowest cost of funds of any office by a significant measure and Washington presents a significant long-
term opportunity to deploy capital organically. We intend to expand our retail presence to Washington,
supporting our commercial banking office, and we are actively evaluating new potential branch locations.
Our equity investments in Washington, D.C. banks continue to complement our core business operations.
31 Years of
Perf ormance
Assets
Assets
Loans, Net
Loans, Net
Book Value Per Share
Book Value Per Share
Earnings Per Share (Basic)
Earnings Per Share (Basic)
$
Return on Equity
Return on Equity
Efficiency Ratio
Efficiency Ratio
Bo o k Valu e Pe r Sha re
$7.35
1993*
1993*
1994*
1994*
1995*
1995*
1996*
1996*
1997
1997
1998
1998
1999
1999
2000
2000
2001
2001
2002
2002
2003
2003
2004
2004
2005
2005
2006
2006
2007
2007
2008
2008
2009
2009
2010
2010
2011
2011
2012
2012
2013
2013
2014
2014
2015
2015
2016
2016
2017
2017
2018
2018
2019
2019
2020
2020
2021
2021
2022
2022
2023
2023
$ 147,889
$ 147,889
$ 153,192
$ 153,192
$ 175,409
$ 175,409
$ 201,586
$ 201,586
$ 222,584
$ 222,584
$ 260,076
$ 260,076
$ 291,183
$ 291,183
$ 337,881
$ 337,881
$ 386,181
$ 386,181
$ 426,430
$ 426,430
$ 483,954
$ 483,954
$ 547,051
$ 547,051
$ 628,251
$ 628,251
$ 691,652
$ 691,652
$ 744,602
$ 744,602
$ 806,193
$ 806,193
$ 925,560
$ 925,560
$ 1,017,845
$ 1,017,845
$ 1,127,276
$ 1,127,276
$ 1,205,884
$ 1,205,884
$ 1,356,441
$ 1,356,441
$ 1,552,205
$ 1,552,205
$ 1,768,528
$ 1,768,528
$ 2,014,599
$ 2,014,599
$ 2,284,599
$ 2,284,599
$ 2,408,587
$ 2,408,587
$ 2,590,346
$ 2,590,346
$ 2,857,093
$ 2,857,093
$ 3,431,165
$ 3,431,165
$ 4,193,799
$ 4,193,799
$ 4,483,947
$ 4,483,947
$
$
76,936
7.35
0.10
$
$
$
$ 100,398
76,936
$
$ 100,398
119,472
$
$
7.35
8.24
0.10
1.33
$
$
$
$
8.24
9.17
1.33
0.98
$
$
$
$ 151,166
119,472
$ 151,166
$ 172,839
$ 172,839
$ 204,774
$ 204,774
$ 229,687
$ 229,687
$ 266,568
$ 266,568
$ 282,386
$ 282,386
$ 320,692
$ 320,692
$ 358,778
$ 358,778
$ 415,538
$ 415,538
$ 488,126
$ 488,126
$ 539,104
$ 539,104
$ 593,915
$ 593,915
$ 647,255
$ 647,255
$ 718,242
$ 718,242
$ 792,910
$ 792,910
$ 849,776
$ 849,776
$ 949,662
$ 949,662
$ 1,078,879
$ 1,078,879
$ 1,238,656
$ 1,238,656
$ 1,405,533
$ 1,405,533
$ 1,605,647
$ 1,605,647
$ 1,833,987
$ 1,833,987
$ 2,009,288
$ 2,009,288
$ 2,227,062
$ 2,227,062
$ 2,495,331
$ 2,495,331
$ 2,999,096
$ 2,999,096
$ 3,657,782
$ 3,657,782
$ 3,914,244
$ 3,914,244
$
$
9.17
9.87
0.98
1.05
$
$
$
$
9.87
10.93
1.05
1.36
$
$
$
10.93
12.05
$
1.36
1.53
$
$
$
12.05
12.83
$
1.53
1.65
$
$
$
12.83
14.46
$
1.65
2.07
$
$
$
14.46
16.38
$
2.07
2.49
$
$
$
16.38
18.48
$
2.49
2.91
$
$
$
18.48
19.68
$
2.91
2.58
$
$
$
19.68
21.29
$
2.58
2.80
$
$
$
21.29
23.01
$
2.80
2.95
$
$
$
23.01
24.47
$
2.95
2.19
$
$
$
24.47
25.85
$
2.19
2.12
$
$
$
25.85
28.20
$
2.12
2.96
$
$
28.20
$
30.74
30.74
$
34.24
34.24
$
38.70
$
38.70
43.65
43.65
$
48.49
$
48.49
57.08
$
57.08
64.83
$
75.50
87.29
$
87.29
99.67
$
99.67
115.75
115.75
$
137.02
137.02
$
165.52
165.52
$
179.74
179.74
$
188.50
$
2.96
3.79
$
3.79
4.81
$
4.81
5.68
$
5.68
6.25
$
6.25
6.28
$
6.28
10.46
$
10.46
9.09
$
10.99
12.08
$
12.08
14.25
$
14.25
18.24
$
18.24
23.76
$
23.76
31.50
$
31.50
17.49
$
17.49
12.26
$
$
$
$
$
$
$
$
$
$
$
$
$
$
64.83
$
9.09
$
75.50
10.99
$
$
$
$
$
$
$
$
$
$
$
$
$
$
1.34%
1.34%
17.09%
17.09%
11.11%
11.11%
11.06%
11.06%
13.00%
13.00%
13.18%
13.18%
13.07%
13.07%
15.17%
15.17%
15.95%
15.95%
16.58%
16.58%
13.53%
13.53%
13.56%
13.56%
13.20%
13.20%
9.18%
9.18%
8.40%
8.40%
11.08%
11.08%
12.78%
12.78%
14.67%
14.67%
15.34%
15.34%
15.05%
15.05%
13.52%
13.52%
19.30%
19.30%
14.81%
14.81%
15.59%
15.59%
14.73%
14.73%
14.97%
14.97%
16.82%
16.82%
18.96%
18.96%
20.62%
20.62%
10.01%
10.01%
6.57%
$
$
188.50
12.26
6.57%
108.32%
108.32%
61.46%
61.46%
54.25%
54.25%
53.36%
53.36%
50.10%
50.10%
48.72%
48.72%
50.25%
50.25%
47.78%
47.78%
45.31%
45.31%
45.42%
45.42%
45.55%
45.55%
49.48%
49.48%
48.50%
48.50%
57.58%
57.58%
59.69%
59.69%
52.72%
52.72%
49.20%
49.20%
44.91%
44.91%
42.88%
42.88%
41.54%
41.54%
43.26%
43.26%
37.19%
37.19%
36.32%
36.32%
32.15%
32.15%
30.06%
30.06%
29.89%
29.89%
30.26%
30.26%
25.48%
25.48%
21.31%
21.31%
24.81%
24.81%
57.18%
57.18%
D o l l a r s i n t h o u s a n d s e x c e p t p e r s h a r e d a t a .
* P e r s h a r e d a t a f o r 1 9 9 3 , 1 9 9 4 , 1 9 9 5 a n d 1 9 9 6 a d j u s t e d f o r t h e 3 f o r 2 s t o c k s p l i t .
(()))()()))())(()))()()))())(()))()()))())(()))()()))())() () () () () () () () () () () () ) ) ) ) () () () () ) ) ) ) () () () () () () () () () () () () () () () () ( ( ( ( ( ( ( ( () () () () ( ( ( ( () () () () ) ) ) ) ( ( ( ( )) ) ) (( ( ( (( ( ( ((( ( ()()() () ()()() () ((( ( ()()() () ()()() () ()()() () ((( ( ((( ( ((( ( (()))()()))())(()))()()))())(()))()()))())(()))()()))())() () () () () () () () () () () () ) ) ) ) () () () () ) ) ) ) () () () () () () () () () () () () () () () () ( ( ( ( ( ( ( ( () () () () ( ( ( ( () () () () ) ) ) ) ( ( ( ( )) ) ) (( ( ( (( ( ( ((( ( ()()() () ()()() () ((( ( ()()() () ()()() () ()()() () ((( ( ((( ( ((( ( We remain committed to our expansion in San Francisco, as we believe that the Bay Area is a market
with attractive structural economic drivers, including a vibrant technology sector, physical and regulatory
limitations on real estate development, links to Asia, and a cluster of research universities that produce the
intangible assets that are critical components of our economy. The governance challenges the city faces
are temporary, surmountable, and there is a growing political consensus in support of addressing them.
provides us with considerable flexibility during periods like this. This year we focused on ensuring that
we have well-documented standard work across all of our business and operational processes. Without
standards, there can be no improvement. We cannot adequately emphasize the following - eliminating
waste at Hingham is not about one-time cost reductions. It is about the continuous and persistent
improvement of operational processes that pay small dividends over time.
Book Value Per Share
188.50
In 2023, we completed our third year of operations in the city, with a loan portfolio of approximately
$120 million. Deposit growth in San Francisco was stronger in 2023 and we recently added a dedicated
deposit-focused relationship manager in early 2024. Lending activity was, in contrast, somewhat muted.
This was likely driven by significantly lower apartment sales volume throughout the year, uncertainty about
the disposition of several large portfolios of overleveraged small multifamily properties, and the disruption
caused by the failure of two large Bay Area banks. We remained actively engaged with customers -
current and prospective - throughout the year and we believe we will be more active this year.
Our Specialized Deposit Group made progress in some respects in 2023, although deposit growth was
not consistent with the market opportunities we see. Our deposit strategy - digital excellence, virtually
no fees, and personalized service provided by dedicated relationship managers - is compelling. This
strategy is executed by relationship managers that work directly with customers and develop new
business opportunities, digital banking specialists that provide operational support to our customers, and
a marketing program that places this value proposition in front of customers that can benefit from it. We
made progress along all three dimensions in 2023.
The failure of several large banks last year, combined with the pending sale of a respected competitor in
Boston, creates an enduring opportunity for Hingham. It reinforces our belief that there is strong, unmet
demand for a nimble, service-oriented bank in Boston, Washington, and San Francisco. Since last year,
we have recruited three talented relationship managers in Boston and San Francisco, all with significant
experience serving business and nonprofit customers. We have reconfigured our operational team to
support larger and more complex business deposit customers, including hiring a new senior specialist for
this team. This has been accomplished without any growth in the size of our staff.
If you are a talented senior or mid-level banker in Boston, Washington, or San Francisco, particularly with
experience in commercial real estate lending or deposit business development, please contact Patrick
directly by phone or email. He would like to talk to you and we promise a confidential conversation about
opportunities at Hingham.
In our investment operations, we grew our partial ownership in a number of outstanding businesses over
2023, and sold several smaller investments, further concentrating our portfolio. Management teams,
working on our behalf, continued to improve these businesses in ways large and small. Our investments
remain focused on finance - banks, insurers, payment companies, financial infrastructure providers,
and ratings agencies. We also have material investments in technology companies that facilitate
digital commerce. We continue to benefit from studying and engaging with management teams at high
performance companies, both in the banking industry and elsewhere. We recognize that these investment
results will be volatile over time, but they are a complement to our core business and some of these
businesses are likely to produce strong returns during periods when our core business may not.
We recognize that the health of our business is ultimately dependent on the health and vitality of the
cities in which we operate. Despite the challenging environment, we remain committed to affordable
housing finance - extending over $150 million in affordable multifamily housing loans in 2023 in Boston
and Washington, D.C. Several of these projects were financed in conjunction with the Black Economic
Development Fund and Amazon’s Housing Equity Fund, combining senior debt from Hingham with low-
cost subordinate financing to preserve affordability.
Our family became associated with the Bank thirty one years ago, when years of mismanagement and
poor lending threatened its very solvency. Since then, it has been our objective to build one of America’s
great banks, characterized by superior long-term financial results, a fortress balance sheet that provides
unquestionable assurance to our depositors, and an enduring culture of growth and success. Every year,
we make progress on that vision.
Very truly yours,
Eliminating waste remains a core strategic objective of the Bank. We must find ways to increase the
velocity of our operations, maintain our narrow focus, and leverage that focus. Our operational efficiency
Robert H. Gaughen Jr.
Chairman of the Board and Chief Executive Officer
Patrick R. Gaughen
President and Chief Operating Officer
1993*
1993*
1994*
1994*
1995*
1995*
1996*
1996*
1997
1997
1998
1998
1999
1999
2000
2000
2001
2001
2002
2002
2003
2003
2004
2004
2005
2005
2006
2006
2007
2007
2008
2008
2009
2009
2010
2010
2011
2011
2012
2012
2013
2013
2014
2014
2015
2015
2016
2016
2017
2017
2018
2018
2019
2019
2020
2020
2021
2021
2022
2022
2023
2023
$ 147,889
$ 147,889
$ 153,192
$ 153,192
$ 175,409
$ 175,409
$ 201,586
$ 201,586
$ 222,584
$ 222,584
$ 260,076
$ 260,076
$ 291,183
$ 291,183
$ 337,881
$ 337,881
$ 386,181
$ 386,181
$ 426,430
$ 426,430
$ 483,954
$ 483,954
$ 547,051
$ 547,051
$ 628,251
$ 628,251
$ 691,652
$ 691,652
$ 744,602
$ 744,602
$ 806,193
$ 806,193
$ 925,560
$ 925,560
$ 1,017,845
$ 1,017,845
$ 1,127,276
$ 1,127,276
$ 1,205,884
$ 1,205,884
$ 1,356,441
$ 1,356,441
$ 1,552,205
$ 1,552,205
$ 1,768,528
$ 1,768,528
$ 2,014,599
$ 2,014,599
$ 2,284,599
$ 2,284,599
$ 2,408,587
$ 2,408,587
$ 2,590,346
$ 2,590,346
$ 2,857,093
$ 2,857,093
$ 3,431,165
$ 3,431,165
$ 4,193,799
$ 4,193,799
$ 4,483,947
$ 4,483,947
76,936
$
76,936
$ 100,398
$ 100,398
$
119,472
$
119,472
$ 151,166
$ 151,166
$ 172,839
$ 172,839
$ 204,774
$ 204,774
$ 229,687
$ 229,687
$ 266,568
$ 266,568
$ 282,386
$ 282,386
$ 320,692
$ 320,692
$ 358,778
$ 358,778
$ 415,538
$ 415,538
$ 488,126
$ 488,126
$ 539,104
$ 539,104
$ 593,915
$ 593,915
$ 647,255
$ 647,255
$ 718,242
$ 718,242
$ 792,910
$ 792,910
$ 849,776
$ 849,776
$ 949,662
$ 949,662
$ 1,078,879
$ 1,078,879
$ 1,238,656
$ 1,238,656
$ 1,405,533
$ 1,405,533
$ 1,605,647
$ 1,605,647
$ 1,833,987
$ 1,833,987
$ 2,009,288
$ 2,009,288
$ 2,227,062
$ 2,227,062
$ 2,495,331
$ 2,495,331
$ 2,999,096
$ 2,999,096
$ 3,657,782
$ 3,657,782
$ 3,914,244
$ 3,914,244
Book Value Per Share
Book Value Per Share
$
7.35
7.35
$
$
8.24
8.24
$
$
9.17
9.17
$
$
9.87
9.87
$
10.93
$
10.93
$
12.05
$
12.05
$
12.83
$
12.83
$
14.46
$
14.46
$
16.38
$
16.38
$
18.48
$
18.48
19.68
$
19.68
$
21.29
$
21.29
$
23.01
$
23.01
24.47
$
24.47
25.85
$
25.85
Earnings Per Share (Basic)
Earnings Per Share (Basic)
$
0.10
0.10
$
$
1.33
1.33
$
$
0.98
0.98
$
$
1.05
1.05
$
$
1.36
1.36
$
$
1.53
1.53
$
$
1.65
1.65
$
$
2.07
2.07
$
$
2.49
2.49
$
$
2.91
2.91
$
2.58
2.58
$
$
2.80
2.80
$
$
2.95
2.95
$
2.19
2.19
$
2.12
2.12
$
$
$
$
$
$
$
$
28.20
$
28.20
$
2.96
2.96
$
$
30.74
$
30.74
$
3.79
3.79
$
$
34.24
$
34.24
$
4.81
4.81
$
$
38.70
$
38.70
$
43.65
$
43.65
$
5.68
5.68
$
$
6.25
6.25
$
$
48.49
$
48.49
$
57.08
$
57.08
$
6.28
6.28
$
10.46
$
10.46
$
$
64.83
$
64.83
$
9.09
9.09
$
$
75.50
$
75.50
$
87.29
$
87.29
$
99.67
$
99.67
$
$
115.75
115.75
$
$
137.02
137.02
$
$
165.52
165.52
$
$
179.74
179.74
$
$
188.50
188.50
10.99
$
10.99
$
12.08
$
12.08
$
14.25
$
14.25
$
18.24
$
18.24
$
23.76
$
23.76
$
31.50
$
31.50
$
17.49
$
17.49
$
12.26
$
12.26
1.34%
1.34%
17.09%
17.09%
11.11%
11.11%
11.06%
11.06%
13.00%
13.00%
13.18%
13.18%
13.07%
13.07%
15.17%
15.17%
15.95%
15.95%
16.58%
16.58%
13.53%
13.53%
13.56%
13.56%
13.20%
13.20%
9.18%
9.18%
8.40%
8.40%
11.08%
11.08%
12.78%
12.78%
14.67%
14.67%
15.34%
15.34%
15.05%
15.05%
13.52%
13.52%
19.30%
19.30%
14.81%
14.81%
15.59%
15.59%
14.73%
14.73%
14.97%
14.97%
16.82%
16.82%
18.96%
18.96%
20.62%
20.62%
10.01%
10.01%
6.57%
6.57%
108.32%
108.32%
61.46%
61.46%
54.25%
54.25%
53.36%
53.36%
50.10%
50.10%
48.72%
48.72%
50.25%
50.25%
47.78%
47.78%
45.31%
45.31%
45.42%
45.42%
45.55%
45.55%
49.48%
49.48%
48.50%
48.50%
57.58%
57.58%
59.69%
59.69%
52.72%
52.72%
49.20%
49.20%
44.91%
44.91%
42.88%
42.88%
41.54%
41.54%
43.26%
43.26%
37.19%
37.19%
36.32%
36.32%
32.15%
32.15%
30.06%
30.06%
29.89%
29.89%
30.26%
30.26%
25.48%
25.48%
21.31%
21.31%
24.81%
24.81%
57.18%
57.18%
Assets
Assets
Loans, Net
Loans, Net
Return on Equity
Return on Equity
Efficiency Ratio
Efficiency Ratio
$
$
$
(()))()()))())(()))()()))())(()))()()))())(()))()()))())() () () () () () () () () () () () ) ) ) ) () () () () ) ) ) ) () () () () () () () () () () () () () () () () ( ( ( ( ( ( ( ( () () () () ( ( ( ( () () () () ) ) ) ) ( ( ( ( )) ) ) (( ( ( (( ( ( ((( ( ()()() () ()()() () ((( ( ()()() () ()()() () ()()() () ((( ( ((( ( ((( ( (()))()()))())(()))()()))())(()))()()))())(()))()()))())() () () () () () () () () () () () ) ) ) ) () () () () ) ) ) ) () () () () () () () () () () () () () () () () ( ( ( ( ( ( ( ( () () () () ( ( ( ( () () () () ) ) ) ) ( ( ( ( )) ) ) (( ( ( (( ( ( ((( ( ()()() () ()()() () ((( ( ()()() () ()()() () ()()() () ((( ( ((( ( ((( ( Boys & Girls Clubs of Dorchester
Dorchester, MA
Pictured Left to Right: Michael Gattoni - Chief Financial Officer
Bob Scannell - President & CEO
Boys & Girls Clubs of Dorchester is a premier non-profit organization with three clubhouses in
Dorchester, MA. The Club offers over 4,000 youth a safe and supportive environment to learn,
grow, and have fun. With guidance from caring professionals and peers, kids improve their
academic performance, self-esteem, and social skills with over 200 available programs.
Boys & Girls Clubs of Dorchester was looking to secure its assets by diversifying its banking
relationships. During the selection process, it was important to the team to choose a bank
with proven stability during times of uncertainty. They chose Hingham Institution for Savings
for its strong track record of financial stability and full deposit insurance through the FDIC
and DIF.
“We feel that Hingham was the perfect choice for our
organization and are confident that our funds are safe and
secure. Their customer service is second to none.”
Michael Gattoni
Chief Financial Officer
Melrose Solomon
Alexandria, VA
Pictured Left to Right: Jeff Steinberg - Vice President of Acquisitions
Lawrence Solomon - Principal, Jaime Hartman - Investment Committee
Ezra Tuchman - Investment Committee, Kathy Bowden - Administration
“We look for reliable, high quality service and a consistent
process with all of our partners. The team at Hingham
executed flawlessly and we hope this is the first of many
deals together.”
Lawrence Solomon
Principal
Melrose Solomon is a real estate investment firm with office, retail and industrial
properties in the Midwest, Mid-Atlantic, and Southeast. With a disciplined value buying
strategy, they have built their real estate portfolio to over 2 million square feet over the
last decade.
Larry Solomon was first introduced to Hingham Institution for Savings when he was
considering acquiring a unique office property in Alexandria, VA. The team was attracted
to Hingham’s willingness to underwrite the property thoughtfully in an environment in
which financing for office properties has become more difficult. Hingham’s competitive
rates, accessible commercial lenders, and new office in Georgetown were additional
motivating reasons to work together.
Phyllis Bodel Childcare Center
At Yale School of Medicine
New Haven, CT
Pictured left to right: Kyle Miller - Executive Director, June Marcucio - Business Manager
The Phyllis Bodel Childcare Center cares for the children of faculty, postdoctoral
fellows and students of the Yale School of Medicine in New Haven, CT. With over 15
classrooms of children ranging from six weeks old up to pre-kindergarten, the Center
provides a high quality and supportive environment in which each child can develop
and grow.
The team at the Childcare Center had an account at a national bank with a problematic
online banking platform and low deposit rates - something had to change. With
Hingham, they found personalized support from a relationship manager, competitive
rates, and a reliable online banking experience.
“Hingham’s support of the local community aligns with
“Working with Hingham is like having a partner in success
the USES’ mission. We value our partnership with the
- even though we are not near a branch, they might as well
Bank.”
be next door to us. They make banking refreshingly easy.”
MACHARIA Z. WEIR LYTLE
Kyle Miller
Executive Director
GreyBrick Partners
San Francisco, CA
Pictured: Ryan Taylor - Managing Partner
“Hingham was our safety net during a stressful time. With
over 185 years of proven stability, we have peace of mind
knowing how thoughtfully the bank is operated.”
Ryan Taylor
Managing Partner
GreyBrick Partners is a value-add focused real estate investment firm headquartered in
San Francisco, CA. GreyBrick Partners have acquired over 39 assets in the last twelve
years and manage over $250 million of investment properties located in California and
Washington State.
The team at GreyBrick, like so many others, had to act swiftly during recent bank
failures. With a strong focus on security, they found Hingham’s stable history, deposit
insurance, and conservative lending practices compelling factors to move their banking
relationship. Beyond that, they’ve appreciated the opportunity to build a relationship
with the Hingham team, ensuring that they’re backed by people that truly care about
their business.
Public Employees for Environmental
Responsibility (PEER)
Silver Springs, MD
Pictured: Tim Whitehouse - Executive Director
PEER supports and protects public employees who seek a higher standard of
accountability and environmental protection within their agencies. The team works
with every state and operates specifically in areas regarding scientific integrity
complaints, climate integrity, conserving public lands, and toxins.
Originally interested in Hingham’s competitive savings rates, PEER also found that
Hingham took the complexity out of banking, especially when it came to processing
donor gifts. Even though most of its banking needs are met with self-serve solutions,
the team appreciates being able to get a person on the phone quickly when needed.
“Hingham’s support of the local community aligns with
“Our team and Hingham’s team are both driven by
the USES’ mission. We value our partnership with the
upholding high standards - their dedication to customers
Bank.”
keeps our organization running efficiently.”
MACHARIA Z. WEIR LYTLE
Tim Whitehouse
Director
10 MX
Roxbury, MA
Pictured left to right: John Sullivan - Principal, Second Street properties
Jacob Vance - Principal, Second Street properties
Yonathan (Tani) Halperin - Founder and Partner, Trax Development
Dartagnan Brown - Founder and Partner, Trax Development
“It’s easy to work with Hingham - they work as quickly as
we do and when it comes down to terms, they’re simply
the best.”
John Sullivan
Principal
10 MX Owner, LLC is a joint venture between Second Street Properties and Trax
Development. Together, they are focused on redeveloping Nubian Square, a fast-
changing and transit-oriented neighborhood in Roxbury, MA that has been historically
neglected. In coordination with the Boston Planning & Development Agency, they are
planning to build two new multifamily buildings on an underutilized site, while preserving
a mixed-use building that is an important source of jobs in the neighborhood. The
project will ultimately add a mix of over 100 new affordable and market-rate units to
Nubian Square.
When the team needed financing, they found Hingham’s terms the most competitive.
Throughout the loan process and with the subsequent deposit relationship, they have
become more familiar with the Bank and value the approach that helps them keep their
project moving forward.
S e l e c t e d F i n a n c i a l D a t a
B o a r d o f D i r e c t o r s
Standing (left to right):
Seated (left to right):
Ronald D. Falcione
Robert A. Lane, Esq.
Michael J. Desmond
Scott L. Moser
Howard M. Berger, Esq.
Jacqueline M. Youngworth
Robert H. Gaughen, Jr., Esq.
Kara Gaughen Smith
Geoffrey C. Wilkinson, Sr.
Robert K. Sheridan, Esq.
Brian T. Kenner, Esq.
Julio R. Hernando, Esq.
Stacey M. Page
Kevin W. Gaughen, Jr., Esq.
Patrick R. Gaughen
S t o c k h o l d e r I n f o r m a t i o n
Stock Data
Hingham Institution for Savings’ common shares are
listed and traded on The Nasdaq Stock Market under the
symbol HIFS.
As of December 31, 2023, there were approximately 183
stockholders of record, holding 71,122 outstanding
shares of common stock. These shares do not include the
number of persons who hold their shares in nominee or
street name through various brokerage firms.
The following table presents the quarterly high and low
prices for the Bank’s common stock reported by Nasdaq.
High
Low
2023
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
2022
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
$ 311.18
235.76
229.99
206.00
$ 432.19
348.59
335.53
297.90
$ 223.00
173.51
181.00
147.00
$ 340.00
270.50
250.00
242.99
The closing sale price of the Bank’s common stock at
December 31, 2023 was $194.40 per share.
Hingham Institution for Savings
55 Main Street
Hingham, MA 02043
(781) 749-2200
Chairman and
Chief Executive Officer
Robert H. Gaughen, Jr.
Investor Inquiries
Patrick R. Gaughen
President and Chief Operating Officer
Transfer Agent and Registrar
Computershare
P.O. Box 43006
Providence, RI 02940
(800) 288-9541
Online Registered Shareholder Access
www.computershare.com/investor
Independent Registered Public Accounting Firm
Wolf & Company, P.C.
255 State Street
Boston, MA 02109
Special Counsel
Goodwin Procter
100 Northern Avenue
Boston, MA 02210
Form 10-K and Proxy Statement
A copy of the Bank’s Annual Report on Form 10-K and
Proxy Statement for the fiscal year ended December
31, 2023 as filed with the Federal Deposit Insurance
Corporation, may be obtained without charge by
any stockholder of the Bank upon written request
addressed
to
the
Investor Relations Department.
Additionally, the Bank’s Annual Report on Form 10-K
and the Proxy Statement are available electronically at
www.hinghamsavings.com/investor-materials.
BOSTON
COHASSET
HINGHAM
HULL
NANTUCKET
WASHINGTON, D.C.
SAN FRANCISCO
www.hinghamsavings.com
Member FDIC/Member DIF | Equal Housing Lender